The Impressive Growth In Online Gambling With BitcoinsPublished December 23, 2017 by Arthur M
Bitcoins are becoming an established way to fund an online gambling account, with the Isle of Man recently proposing legislation to approve the use of this virtual currency at more casinos, Poker sites and sportsbooks,
Since the first Bitcoins were introduced in 2010, the trade in virtual currency has become more and more common, with one of the biggest areas of growth being the online gambling market. While part of the attraction seems to be the anonymity and lack of centralised regulation, Bitcoins are fast becoming a more generally accepted form of payment, with greater legitimacy coming from bodies like the Isle of Man Gambling Supervision Commission adding them to their list of approved methods of funding online wagers.
While some online sites like the aptly-named Bitcasino trade exclusively in Bitcoins, other mainstream operators, like VegasCasino, BitCasino offer Bitcoin payments alongside more conventional credit cards and e-wallets.
Online gambling operators are increasing finding that their area of business fits in with the Bitcoin model perfectly well. Players can deposit with ease and an increasing number of games are now being made available in Bitcoin-friendly versions, with major developers like Betsoft now offering much of their range denominated in the currency.
Players can either buy Bitcoins from online wallets, or 'mine' them by participating in the verification process for other transactions, making it possible to fund online wagers without using any conventional currency at all.
Bitcoin gambling is so convenient, and so successful, that at one point it was estimated that 50% of all transactions in the currency were to and from online casinos, sportsbooks and Poker sites.
Isle of Man Approval
The recently tabled Gambling Regulation Package 2016 would see Bitcoins officially sanctioned as a payment method in online casinos licensed and regulated in the Isle of Man. Bitcoins would be regarded as property rather than currency, with players depositing their property with the online gambling site, while a requirement for the operators virtual currency exchange to be regulated by a recognised financial authority will ensure that proper controls remain in place.
The new regulations will get around the problem of players who live in countries where online gambling isn't allowed from accessing the games by requiring new accounts to be opened with credit or debit cards, or other more established methods.
Despite predictions that Bitcoins are just a fad, they look like being an established form of payment and with an increasing number of sites n welcoming them, the future is looking rosy for this payment system.